BREAKING NEWS: FOREIGN BANKS, OTHERS TAKE OVER ETISALAT NIGERIA
A group of bank comprising of Access Bank PLC and other Nigerian and foreign banks, have taken over the management of Etisalat Nigeria, effective June 15, 2017.
Premium Times reports that the takeover follows failure of the Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.
However, EMTS Holding BV, established in the Netherlands, has up to June 23 to complete the transfer of 100 percent of the company’s shares in Etisalat to the United Capital Trustees Limited, the legal representative of the consortium of banks.
Etisalat Group, the parent company of Etisalat Nigeria, announced the takeover on Tuesday in a letter filed to the Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate.